Just over a year ago in mid-May 2016 I had written a column pointing basic flaws in the new architecture set up to handle bad loans — a new huge bureaucracy (for insolvency), which only promised more legal complexities. Well, it appears that I had not anticipated something far worse — continued ad-hoc and ham-handed tinkering of the bad loan problem by mandarins of the finance ministry and the Reserve Bank of India (RBI). This has just attracted some sharp comments from the Gujarat High Court in the Essar Steel case. In mid-June, the RBI wanted 12 select cases of
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